The Asia-Pacific Wireless Charging For Electric Vehicle Market is valued at USD 2.7 Million in 2020 and is expected to reach USD 124 Million by 2026 registering a CAGR of 83% during the forecast period 2021-2026.
The COVID-19 pandemic has negatively affected the EV charging market due to the lockdowns and travel restrictions imposed by governments worldwide. As the economies are recovering in the post-pandemic period, it is expected that the market will grow positively in the coming years.
The Asia-Pacific Wireless Charging For Electric Vehicle Market is driven by the factors like increasing sales of electric vehicles, government initiatives to encourage charging infrastructures, and technological advancements in charging technology.
Key Market Trends
Increasing Sales of Electric Vehicles Driving the Wireless Charging Demand
Despite COVID-19, the electric vehicle sales were significant in the Asia-Pacific region in 2020. Asia-Pacific region registered almost 60 percent of worldwide EV sales in 2020. The major contributor to these numbers is China. China accounted for about 1.34 million unit sales in 2020 including battery-electric and plug-in hybrids. As governments are striving towards a cleaner mobility, the adoption of electric vehicles has risen considerably over the past few years.
In order to meet the demand created by EV sales, governments are investing to develop charging infrastructure. To increase charging speeds, major economies are spending on research and development of charging technologies. Many players in the market are also exploring other charging methods like wireless charging in electric vehicle charging as range anxiety is still an obstacle for widespread acceptance for the adoption of electric vehicles.
Apart from the high cost of electric vehicles, the primary concern for quite a few prospective electric vehicle users has been the unavailability of PEV (Plug-in EVs) docks. As a result of the plugin aspect of electric vehicles, the electric automobile industry has faced formidable resistance. Many people who live in apartments and in houses with no parking spaces, face a problem where a car’s pluging and charging can be difficult. The wireless charging technology makes it easy for people to find designated wireless charging stations and just park the vehicle over the charging pad without any hassle.
However, Asia-Pacific region being home for the largest low income populations in the world, wireless charging is still expensive as most parts of the region are lacking supporting infrastructure for EV charging as most countries are still in early stages in adopting EV's.
China is Leading the Electric Vehicle Demand in Asia-Pacific
China is the world’s biggest national market for EVs.Being the early adopters of EVs, China's electric vehicle industry is witnessing strong growth throughout the past decade. China EV sales rose by an increase of 8% compared to 2019, and 41% of all EVs sold worldwide. China wants to establish carbon neutrality by 2060 and reach a peak in carbon emissions by 2030. To encourage EV customers and makers, the Chinese government has granted subsidies and tax exemptions, as well as established charging stations, since 2009.
In 2020, there were about 807,000 electric vehicle charging stations in China, an increase from around 516,000 stations in the previous year. Although the network of charging stations is huge, it could not keep up with the increasing demand for charging the new electric vehicles in the region. Thus, the wireless charging market is expected to have a huge growth potential to serve the needs by filling the gap between demand and supply for charging infrastructure, while constantly upgrading the existing large network of charging stations across the country.
China is leading with more than 50% of total patents in the wireless charging domain in the world. Most technology companies in the world like Apple and Qualcomm are still dependent on China for their products to be cost-effective and performance efficient.
After years of development, China recently announced a new national standard for wireless EV charging. The new GuoBiao (GB) standard is based on technology developed by WiTricity. WiTricity along with the China Electric Power Research Institute (CEPRI), China Automotive Technology and Research Center (CATARC) and the CEC has been actively working towards the Chinese EV wireless charging standardisation process.
Competitive Landscape
The Asia-Pacific Wireless Charging For Electric Vehicle Market is consolidated in nature. Major players in the market include Qualcomm, WiTricity, Nissan, Toyota, BMW, and others. Many companies are investing in R&D projects to provide the best wireless charging technology. For instance,
- In February 2021, Nissan announced its wireless charging system that uses a process called inductive charging in order to get the electricity from the grid to go into the car’s batteries and combines the car’s wireless charging system with Nissan’s “Advanced Parking System".
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